Logistics Disruptions Hit China’s April Zinc Concentrate Imports, No Significant Recovery Seen in May

SMM May 20 News:

According to the latest customs data, China imported 447,700 mt in physical content of zinc concentrates in April 2026, down 17.95% MoM from March (97,900 mt in physical content) and down 9.49% YoY. Cumulative zinc concentrate imports from January to April totaled 2.0021 million mt in physical content, up 16.92% YoY cumulatively.

By country of origin, in April 2026, the top 3 source countries were: Peru (116,200 mt in physical content, accounting for 26%), Australia (59,500 mt in physical content, accounting for 13.3%), and Russia (46,700 mt in physical content, accounting for 10.4%). On a MoM basis, zinc concentrate imports from Australia, Kazakhstan, and Mexico saw notable declines in April, while imports from Mongolia also decreased to some extent.

China's zinc concentrate imports in April declined significantly from March. SMM believes the reasons are as follows:

1. Since Chinese New Year, domestic lead-zinc mines gradually resumed operations in March and April. Increased domestic ore production supplemented smelters' raw material demand. Meanwhile, the zinc domestic-to-international price ratio continued to deteriorate, and the price advantage of domestic zinc concentrates gradually strengthened, with smelters prioritizing the purchase of domestic zinc concentrates.

2. In March, floods and typhoons in Australia disrupted zinc concentrate transportation. Based on shipping cycle estimates, arrivals from Australia to China in April were affected to some extent.

Entering May, SMM expects China's zinc concentrate imports to be unlikely to see significant growth. On one hand, domestic zinc concentrate TCs hit a record low in May. Under the dual pressure of raw material supply and costs, some smelters underwent maintenance and cut production, with overall refined zinc production declining slightly in May. On the other hand, China's zinc concentrate import window remained closed. Losses on zinc concentrate imports once exceeded 2,000 yuan/mt in metal content in April. Domestic smelters actively purchased domestic zinc concentrates, and spot order inflows of imported zinc concentrates remained limited.

(The above information is based on market collection and comprehensive evaluation by the SMM research team. The information provided in this article is for reference only. This article does not constitute direct advice for investment research and decision-making. Customers should make cautious decisions and should not replace their independent judgment with this information. Any decisions made by customers are not related to SMM.)